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Yesterday saw Janet Yellen, the future Chairman of the Federal Reserve and consequently most influential global financial policy maker, testifying before a Senate Banking Committee in Washington. In her testimony, she confirmed that she will support the Feds current stance of monetary stimulus in order to reduce unemployment until she…
The big news from yesterdays raft of UK data was that Mark Carney’s Bank of England has raised it’s 2014 growth forecast from 2.5 to 2.8 per cent. The better than expected employment figures could also indicate the key threshold of 7 per cent could be reached before 2016. With…
After yesterdays poorer than expected CPI figures which saw GBP take a hit against most major currencies, today, we will see the markets focus on the UK again. Yesterdays reports showed inflation in the UK fell to 2.2% in October compared to 2.7% in the previous month. This is the…
This morning has already seen a raft of negative German data, however this was completely overshadowed by the UK CPI data. Released a short while ago, the Consumer Price Index fell dramatically, actually giving its worst reading since 2009. Coming it at 1.7% for October and only 0.8% for the…
With Europe, United States and Canada all closed today for Armistice, Veterans and Remembrance day respectively it will be an intentionally quiet day on the markets today. 11am – The significant event of today will be the two minute silence on the ‘eleventh hour on the eleventh day of the…
Yesterday the European Central Bank cut interest rates from 0.5% to 0.25%. In the surprise move to stimulate growth the ECB moved rates to historic lows. The news saw GBP/EUR drive from 1.1780 to 1.2000 in a matter of minutes. In the calm after the storm it is likely we…
It really was a stirling day for sterling yesterday with UK service sector data leading the way. This morning we have UK manufacturing data which is likely to show an improvement in the sector and potentially add some fuel to the GBP rally. Later this afternoon, we have the UK’s…
After a Bloomberg report suggested that the European Central Bank (ECB) were considering negative interest rates, President Draghi slowed the resultant weakening of the Euro by saying there had been no further discussions since the last ECB conference. Combined with Fridays German business confidence data, the IFO report, showing its…
After this weeks report of potential negative interests rates the Euro finds itself under some selling pressure – particularly ahead of today’s Economic calendar: Today’s data focus centres on the eurozone, with the German IFO due and ECB President Draghi scheduled to speak. The market expects the November IFO business…
So on a day that was supposed to be focused on GBP and USD it was the Euro that really stole the headlines: A Bloomberg report said the European Central Bank was considering cutting its deposit rate, one of its two key interest rates, to below zero, thus making it…